Market Update: Existing Home Sales Down Again in May

June 20, 2018

The Existing Homes Sales Report showed home sales decreased 0.4% in May, to a seasonally adjusted rate of 5.43 million, dropping 3.0% on a year-over-year basis. Quicken Loans Executive Vice President Bill Banfield offers the following comment on the report:

“Sustained inventory constraint continues to be the main driver in higher home prices, with the median home price now at an all-time high. First-time homebuyers remain on the sidelines as they watch prices surge and housing options decline in the entry-level portion of the market.”

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Quicken Loans, Rocket Homes Real Estate LLC, Rocket Loans and Rocket HQ are separate operating subsidiaries of Rock Holdings Inc. Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation, and applicable legal and regulatory requirements.